Determining the Value of Real Property During Divorce
Provided by HG.org
When a couple initiate divorce proceedings, it is important to determine the value of property in the marriage so that it may be divided evenly between the two. To find the actual value of real property, there are a number of processes that may be used, but these should complete before the judge splits the amounts so each individual is awarded appropriately.
When in a marriage, there are several items that may have different value based on what they are and how long they have had to depreciate. One of the most important ways to find the real value or real property that has been obtained through the marriage is the appraisal. This may be completed for the home and other items. However, the house is usually the most expensive and may need an appraisal before anything else is even considered. When someone with this license has been hired, he or she may save the couple thousands when the possible value is either not known or inaccurate.
Comparative market analysis is another process that could be utilized during this procedure. Most items within the dissolving relationship are of lesser value than real estate, and this may reveal the true or estimated market value of the house, building or structure. If other real estate exists in alternate locations, a real estate lawyer may assist in connecting the right experts for the state, country or island. This then may provide a true accounting of the income or assets that were accumulated during the lifetime of the marriage. With the value and monetary amounts known, the judge may render a decision with all the information available.
Valuation of Property
When a person is in the middle of a divorce, he or she may need to determine the true value of in demand property. This usually involves real estate, but it could include land or interests, mineral deposits and similar items. It is important to seek the assistance of an expert or professional in these matters so that the true value is discovered. This is crucial due to perceived value often assessed incorrectly. The professional hired for these items may look through the current market, assess the value based on recent property values and factor in depreciation or increased value based on improvements. The neighborhood and community may also increase or decreased these numbers.
A survey may accomplish similar results, but a full assessment of the land and buildings is often necessary to acquire the full figure of value. However, the survey may include parts of the property that may have been removed or left off of a deed, title or similar document. Looking through the land for hazards, contaminants and other problems is important to prevent possible liability when selling and so that it may be applied to the actual value of the property. If initial numbers appear lower than was previously assessed, it is imperative to discover why and how to increase the amount if possible.
Research and Consultations
When determining the value of property and other items within the marriage before divorce proceedings are completed, it is important to research these matters. While an expert may provide the best information and details about the real estate, if the spouse is unaware of what the descriptions mean, he or she may not understand what the value corresponds to with the house.
Then, he or she may only know what it is worth but not why or how it the amount increased or decreased. When property is kept or sold, this becomes important. Researching the individual aspects that could change the value is important for the homeowner.
Consulting with other experts is crucial so the spouse is not cheated out of possible thousands of dollars. When the true value has been determined, an expert may assist with contacting the correct party to assist in selling or maintaining the property value of these assets. At that point, the information may be presented to the judge for a decision on who will receive what after all the details are provided. This may help ensure that all assets are counted along with income and other items.
The Needed Lawyer in Divorce
After the assets have been determined through an expert, the lawyer may give this information to the judge. If there are any hidden holdings, the other spouse may face penalties. Additionally, discovering the true value of the property in the divorce proceedings is important so each asset is divided equally.
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer.